Al Tadamun Microfinance Foundation was granted a line of credit from Banque Misr on March 12, 2018. Mohamed Al-Atribi, Chairman of Banque Misr, said that the line of credit comes in line with the State’s policy to support and provide financing for small and micro enterprises.
Al Tadamun that is headed by Mona Zulficar, president of the Board of Trustees, provides group loans and individual loans to women entrepreneurs in 7 Governorates: Cairo, Giza, Qalyubia, Sharqia, Menoufia, Beni Suef, and Gharbia with a total of 41 branches and work is under way to open 3 branches in Menia Governorate and 4 branches in Dakahlia Governorate. Al Tadamun has continuously empowered 132,892 thousand clients with a gross outstanding portfolio of more than 300 million EGP by the end of February 2018. Al Tadamun’s goal is to reach in 2021, 250 thousand clients with a gross outstanding portfolio one billion EGP.
The line of credit contributes to Al Tadamun’s role in providing loans to women entrepreneurs in order to combat poverty and provide financial services to these projects, in addition to supporting social development in its comprehensive sense, as well as activating the role of community bank and the principle of financial inclusion.